The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.
| April 30 | May 31 |
Inventories | ||
Raw materials | $40,000 | $ 50,000 |
Goods in process | 9,600 | 19,500 |
Finished goods | 60,000 | 33,200 |
Activities and information for May | ||
Raw materials purchases (paid with cash) |
| 189,000 |
Factory payroll (paid with cash) |
| 400,000 |
Factory overhead | ||
Indirect materials |
| 12,000 |
Indirect labor |
| 75,000 |
Other overhead costs |
| 100,500 |
Sales (received in cash) |
| 1,200,000 |
Predetermined overhead rate based on direct labor cost |
| 65% |
Compute the following amounts for the month of May.
1. | Cost of direct materials used. | 4. | Cost of goods sold.* |
2. | Cost of direct labor used. | 5. | Gross profit. |
3. | Cost of goods manufactured. | 6. | Overapplied or underapplied overhead |
*Do not consider any underapplied or overapplied overhead.
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